NOT SO BASIC ESTATE PLANNING

by Thomas D. Begley, Jr., Esquire, CELA

Begley Law Group has a staff of 25 people, five of them are lawyers.  We have offices in Cape May Court House and Moorestown, New Jersey.  Our telephone numbers are (609) 368-3389 for Cape May Court House and (856) 235-8501 for Moorestown.  There are a number of considerations to do a thorough Estate Plan.

• Tax Considerations. Federal and state estate and inheritances taxes.
• Do any of the intended beneficiaries suffer from a physical disability or mental illness?  If so, are they receiving any public benefits?
• Blended Family.
  • Does either spouse have children by a previous marriage or relationship?
  • Should all children be treated equally?
• Out-of-State Real Estate. Does the client own out-of-state real estate?
• Business Ownership. Does the client own a business?
• Beneficiary Designations. Are life insurance, annuity and retirement account beneficiaries coordinated with the overall Estate Plan?
• Bloodline Trust. Would the client like to establish a Bloodline Trust to protect their children’s inheritance from divorce, creditors, and/or squandering money?
• Long-Term Care Planning. If the client is age 75 or older, consideration should be given to planning for long-term care.  At age 65, there is a 70% chance that a client will need long-term care.  It is not likely that the care will be required prior to age 80.  Therefore, at age 75 thought should be given to such strategies as transferring the home to a trust to protect the home in the event long-term care is required.  Other strategies are also available.